ICON (ICLR) can achieve high-single-digit growth by 2026 if hurdles with two large pharmaceutical customers are cleared and biotech funding improves, UBS Securities said Thursday in a report.
On Wednesday, ICON reported Q3 revenue and net bookings that trailed UBS estimates amid reduced demand from the two undisclosed clients, biotech sector softness and vaccine-related cancellations.
"Management was adamant that the pharma-related driver of Q3 underperformance was isolated to the two highlighted companies," UBS said.
The 2025 outlook, which indicates growth from the low to mid-single-digit, is better than expected and will support a return to high-single-digit growth by 2026, UBS said.
UBS reduced its price target on ICON's stock to $290 from $380 and reiterated its buy rating.
Price: 222.48, Change: +0.75, Percent Change: +0.34
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